Quotation of the day: Minimum wage law is compulsory unemployment; it provides no jobs, it only outlaws them

Quotation of the day: Minimum wage law is compulsory unemployment; it provides no jobs, it only outlaws them | AEIdeas
"“In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period.
The law says: it is illegal, and therefore criminal, for anyone to hire anyone else below the level of X dollars an hour.
This means, plainly and simply, that a large number of free and voluntary wage contracts are now outlawed and hence that there will be a large amount of unemployment.
Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result."